Third Point Reinsurance Ltd (NYSE:TPRE), the property and casualty reisurance firm linked to Dan Loeb’s hedge fund, released its earnings numbers for the three months through March this afternoon after the market closed on Wall Street. The company showed earnings of $0.37 per share in the period, on revenue of $123 million. On today’s market shares in the company trended upward and finished the day at $15.75.

Dan Loeb Dow Chemical Sothebys Third Point

In the run up to the release of this afternoon’s earnings report analysts following the reinsurance vehicle were looking for earnings of 47 cents per share from the company. The firm’s earnings for the full year 2014 are expected to come in at $1.96, well below the $2.54 the company managed to bring in in the full year 2013.

Third point book value improves in 2014

According to this afternoon’s earnings report the company’s book value increased by $0.31 per share in the quarter to $13.43 per share. Book value is an important measure of reinsurance firms like Third Point Re given the inconsistent earnings the market can represent.

CEO John Berger said “Reinsurance market conditions remain challenging, particularly with new capital entering the market, but we remain pleased with the number of attractive opportunities we are seeing.” The company’s Total Return strategy is still being lauded as a way to return growth in book value to investors, given the increase in that number in the first quarter of the year.

Investors sell off Third Point Reinsurance

It’s been a poor year so far for investors holing on to shares in Third Point Reinsurance Ltd (NYSE:TPRE). The company’s stock has lost more than 16% of its value so far in 2014. The $1.6 billion firm has vastly underperformed the S&P 500 which gained an anaemic 1.4% in the same time period. Shares in the company have outperformed the index since going public last year, however, giving less weight to the recent losses for longer holders of the stock.

Management at Third Point Reinsurance Ltd (NYSE:TPRE) will host a conference call in order to discuss this afternoon’s earnings report.